Bailout Proposed for Union Pensions

Fox Business is reporting that Senator Bob Casey (D-Pa.) is introducing legislation for a bailout of troubled union pension funds.  This after Obama told us there would be no more bailouts.  Obviously, the measure hasn't been voted on yet and it's unclear how much support it has.

According to Business Insider, "The bill in question will essentially let multi-employer union pension plans, like the Teamster's plan that is currently causing UPS so much trouble, segregate out the workers of defunct companies and get the Pension Benefit Guarantee Corp to pony up for their benefits."


Read more: http://www.businessinsider.com/is-the-government-bailing-out-union-pension-funds-to-the-tune-of-165-billion-2010-5#ixzz0p3ouuiOw

The PBGC provides insurance, but these mulit-employer plans have not paid any premiums for the benefits Sen. Casey wants to give them.

It's also unclear exactly what the bailout would cost (several billion, to be sure), but what is sure is that it would place $165 billion of additional liabilities on the US taxpayer.  Further evidence of your money involuntarily being used to advance a specific agenda.  So, what shall we take over (*ahem)... I mean, bail out next?